State Pension amount on 2023/24 SA Tax Return

Jayston

My state pension started on 2 February 2023. (No tax due for 2022-2023 tax year) I know State pension is paid in arrears. I had a part payment on 17 February 2023 (16 days). I had a payment on 17 March 2023 and another on 14 April 2023 (both for same amount). Payments on 12 May 2023 to 15 March 2024 (12 payments in total x 4 weeks at increased amount from 10 April 2023 according to letter received). Next payment I presume will be11 April. How do I calculate what I have been paid in total for 2023-2024 tax year.

DE_612183

Have you had a letter telling you want your annual amount is?

It should probably be the same as 13 payments.

That's the amount you use.

Marcon

Jayston said:

My state pension started on 2 February 2023. (No tax due for 2022-2023 tax year) I know State pension is paid in arrears. I had a part payment on 17 February 2023 (16 days). I had a payment on 17 March 2023 and another on 14 April 2023 (both for same amount). Payments on 12 May 2023 to 15 March 2024 (12 payments in total x 4 weeks at increased amount from 10 April 2023 according to letter received). Next payment I presume will be11 April. How do I calculate what I have been paid in total for 2023-2024 tax year.

Don't worry about it too much. If you get it wrong, HMRC will automatically correct it when you submit your self assessment tax return (if you have to send one). If you don't need to do a SA return, HMRC will adjust your tax code and/or send you a tax bill if appropriate.

eskbanker

Box 8 State Pension

Use the letter ‘About the general increase in benefits’ that the Pension Service sent you to find your weekly State Pension amount.

Add up the amount you were entitled to receive from 6 April 2023 to 5 April 2024 and put the total in box 8. For tax purposes, the correct amount is always the figure of weekly entitlement not the number of payments you received, so this will be the first week at the old weekly pension rate, plus 51 weeks at the new weekly pension rate.

https://assets.publishing.service.gov.uk/media/6613fc00eb8a1b68a805e30f/SA150_Notes_2024.pdf

Jayston

Thank you Marcon.  I wish the Pension Service could send the amount for the tax return with the 'Increase in your State Pension' letter as I assume HMRC get the correct amount from the Pension Service.

Jayston

Thank you eskbanker. That sounds straightforward.

Marcon

Jayston said:

My state pension started on 2 February 2023. (No tax due for 2022-2023 tax year) I know State pension is paid in arrears. I had a part payment on 17 February 2023 (16 days). I had a payment on 17 March 2023 and another on 14 April 2023 (both for same amount). Payments on 12 May 2023 to 15 March 2024 (12 payments in total x 4 weeks at increased amount from 10 April 2023 according to letter received). Next payment I presume will be11 April. How do I calculate what I have been paid in total for 2023-2024 tax year.

HMRC have already prepopulated 2023/24 online self assessment tax returns with state pension figures, in case that saves anyone the headache of trying to do their own calculations.